Arden Trust Co decreased its position in Broadcom Inc (NASDAQ:AVGO) by 0.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,296 shares of the semiconductor manufacturer’s stock after selling 41 shares during the quarter. Arden Trust Co’s holdings in Broadcom were worth $2,014,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Broadcom by 1.8% in the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after acquiring an additional 559,961 shares during the period. BlackRock Inc. raised its stake in shares of Broadcom by 0.4% in the second quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock worth $7,421,177,000 after buying an additional 105,186 shares during the period. Northern Trust Corp raised its stake in shares of Broadcom by 1.1% in the second quarter. Northern Trust Corp now owns 4,971,618 shares of the semiconductor manufacturer’s stock worth $1,431,130,000 after buying an additional 52,034 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Broadcom by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 4,120,427 shares of the semiconductor manufacturer’s stock worth $1,186,106,000 after buying an additional 88,958 shares during the period. Finally, Nuveen Asset Management LLC raised its stake in shares of Broadcom by 2,421.3% in the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock worth $981,806,000 after buying an additional 3,275,431 shares during the period. 84.86% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on the company. Jefferies Financial Group set a $350.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. UBS Group decreased their price objective on Broadcom from $325.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Summit Insights raised Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price objective on the stock in a research note on Friday, June 14th. Susquehanna Bancshares raised their price objective on Broadcom from $315.00 to $345.00 and gave the stock a “positive” rating in a research note on Friday, September 13th. Finally, SunTrust Banks set a $322.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have issued a buy rating to the stock. Broadcom presently has an average rating of “Buy” and a consensus target price of $312.06.
Shares of NASDAQ:AVGO traded up $3.25 during trading on Wednesday, hitting $273.59. 467,136 shares of the company’s stock were exchanged, compared to its average volume of 2,733,222. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.32 and a quick ratio of 1.18. Broadcom Inc has a 52-week low of $208.23 and a 52-week high of $323.20. The business’s 50-day simple moving average is $282.20 and its 200 day simple moving average is $287.37. The company has a market cap of $111.64 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.40 and a beta of 0.89.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.98 EPS. On average, sell-side analysts anticipate that Broadcom Inc will post 16.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd were issued a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a yield of 3.87%. The ex-dividend date was Friday, September 20th. Broadcom’s dividend payout ratio is presently 56.29%.
In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $288.71, for a total transaction of $5,774,200.00. Insiders have sold a total of 60,000 shares of company stock valued at $17,026,600 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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